The company which developed and owns the lakeside entertainment and shopping district in Rockwall called The Harbor has filed for reorganization under Chapter 11 of the federal bankruptcy code.
According to a City of Rockwall news release issued late Tuesday afternoon, the City has been notified that Mariah Bay Leasing Corporation, owned by Rockwall-area residents Rob and Sarah Whittle, filed for reorganization so the company could address their financing issues and “come out of this in a stronger and better position.”
Rob Whittle says that business is actually “off the charts” and never been better at the restaurants, movie theater and hotel, but that he’s trying to get the debt reorganized and interest rates reduced “so retailers can get the rent concessions we need to give them.”
Twelve businesses have gone out of business since The Harbor opened in November, 2006. Seventeen businesses are currently open there.
For more details about the reorganization, read the more complete story at TheRockwallNews.com.